Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. finance
  3. if possible , pls use excel equations melda wou

if possible , pls use excel equations melda would like to invest...

90.2K

Verified Solution

Question

Finance

if possible , pls use excel equations image
melda would like to invest her Middle Class Tax Refund of $700. She banks with Bank of America and they offer her an APR of 6.926% savings account and decides to invest it for 10 years and compounded daily. a. Identify the periodic rate and write it in both decimal and percent form. b. Calculate the balance of the account after 10 years. c. Calculate the total interest earned after 10 years. d. Determine how much more did Imelda earn after 10 years since the initial investment? e. Determine how many times more did Imelda earn after 10 years since the initial investment? f. How long will it take for her initial investment to triple? Approximate your answer. Hint: Use Fill Note: Please explain your formulas, calculations, reasoning for your answers

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students